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"This Is Not Just A Retirement Crisis:
It's The Beginning Of A Catastrophic Societal Collapse"
by Epic Economist
"The foundations of our society are shaky. And the fact that entire generations are about to find out that they will never be able to retire comfortably is going to change our labor market, our collective mindset, and our economy, and rip apart the fabric that holds everything together in our country. Today, over 50% of Americans have zero money saved for their retirement years, including almost 30% of older Americans that will soon reach retirement age. Although some can blame the retirement crisis on workers' lack of savings, the reality is that for the vast majority of workers in the U.S., it is getting impossible to afford housing, utilities, food, cars, fuel, monthly bills, healthcare, and education and still have money to put aside for the future.
Analysts say this crisis may wreck the institutions that our nation is built upon and it will be felt by each and every one of us. In this video, we are going to investigate a new study that predicts that a retirement uprising is on the cards for the U.S. as both private and public retirement arrangements fall to pieces by the end of the decade.
Both private and public retirement plans are failing to provide adequate help. And younger generations, which were the main catalyst of the Great Resignation movement that led 47 million people to voluntarily quit their jobs in 2021, are becoming aware of the fact that they may not achieve financial safety during their working lives. And they are getting furious.
A retirement rebellion is brewing. That is what a study conducted by Reed in partnership with 55 Redefined is warning. Citing data released by personal finance site Credit Karma, analysts estimate that for the average U.S. worker today retire with $1 million in savings, they would have to work for 108 years, saving at least 21% of their after tax-income and having a balanced portfolio of secure investments.
In other words, for millions of Americans earning $69,717 a year or less, the idea of a comfortable retirement, where healthcare costs and living expenses are covered, is out of their reach. According to the National Institute on Retirement Security, half of all working-age individuals in America, which represent 103.6 million individuals, do not own assets in retirement accounts.
38% of millennials say they have zero or negative net worth, meaning they have more debts than assets. For Gen Z, more than 41% of respondents said their net worth is $0 or less. That is particularly true for younger generations working in low-paid jobs. In fact, the study argues that Generation Z is likely to orchestrate the FIRE movement which can be defined as a massive upheaval in the labor market that will see younger workers stepping back from their jobs en masse in protest to anemic wage growth in an era of ballooning costs for basic goods and services.
The chaotic demonstrations we’re now witnessing in France are just a hint of what may lie ahead for the United States, they say. Never before in history, U.S. workers had such meager chances of accumulating wealth during their working years. And such opportunities are even more scarce as they age. Our workers are getting sick and tired of all the exploitation, all the corruption, and all the neglect. A day of reckoning is coming, and if major changes aren't done to fix our broken retirement system, our society will crumble faster than anyone dares to imagine."
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